Egypt’s economic stats look their healthiest in years: growth is over 5%, inflation close to single digits and foreign reserves at a record high. But rising oil prices threaten to throw a spanner in the works. Together with waning crude output and creaking refineries, Egypt could rack up a record $8bn oil import bill in 2018.

 

Egypt “has begun to reap the benefits of its ambitious and politically difficult economic reform program” implemented since November 2016 as...